The president of Nashville State Community College is struggling with a dilemma that reads like good news; her students are taking jobs from employers who are eager to hire and pay them good wages.

Students dropping their plans to earn a degree in order to take attractive jobs is a problem. When the labor market cools, Ms. Jackson is worried that an incomplete education will haunt these students.

Ms. Jackson said to let her make money now and go back to school later. She said that the issue is most intense in training programs that don't require credentials.

This economic moment poses difficult trade-offs for students with families or other financial responsibilities, even though strong labor markets often encourage people to forgo training. At a time of soaring fuel, food and housing costs, it makes sense to cut working hours to class.

Employment can provide people with valuable experience and skills, so taking advantage of the plentiful job opportunities is a good idea. Labor economists say that skipping school and training could cost you in the long run. People with degrees and skills training are more likely to have stable jobs.

Mary C. Daly is the president of the Federal Reserve Bank of San Francisco. Workers with higher skills will make more money.

She spoke from personal experience. She dropped out of high school to start working. She had to work three part-time jobs to support herself while she was studying to earn her graduation equivalency. She went on to earn a PhD in economics.

She said that hard work was the best choice. She often encourages young people to stay in training if they have to balance work and training.

The jobs that are hot right now are restaurants and warehousing.

There are many sectors booming. The labor market has 1.9 open jobs for every available worker and the fastest wage growth for rank-and-file workers in decades. That is true for lower- wage occupations.

Fewer students are choosing to stay in school. According to the National Student Clearinghouse Research Center, there were 662,000 fewer students in undergraduate programs this spring than there were a year ago.

The number of community college students has fallen by over one million since the beginning of the Pandemic. The decline is likely due to demographic and choice factors.

As schools allowed students back into the classroom, the job market heated up and opportunities suddenly abounded, as the shift to online learning was difficult for many students. As the cost of rent, gas and food rose, earning money became more important as inflation increased. Many students aren't pursuing their education because of that confluence of factors.

The business administration program at Nashville State was the reason for Calvo's departure. She said she didn't know what she wanted to do with her degree and had begun making good money as a front-end manager at a Kroger store. For someone her age, the job was not normal.

She said that they took a chance on her because they didn't have anyone ready to take the job.

Teenagers are often finding they can land positions they might not have otherwise as companies stretch to find talent, and teenage unemployment is at the lowest level since the 1950's.

Even if her parents disagree, Ms. Calvo thinks she made the right decision by leaving school to pursue her dream of becoming a store manager.

She said that people think she should have stopped working and gone to college. She made enough money to put her name on a lease, which she recently signed with her boyfriend, who works at a local restaurant.

Ms. Calvo said she has a lot more to learn.

The question is how people like Ms. Calvo will fare in a labor market that is likely to weaken.

The Fed is trying to cool down job and wage growth by raising rates. There is a chance that the central bank will push unemployment higher and cause a recession if it tries to bring inflation under control.

It could be bad news for people who don't have a degree. Workers with less education and those who have been hired more recently are more likely to lose their jobs when unemployment goes up. Unemployment for adults with a high school education went up to 18.6 percent at the start of the epidemic, while college educated went up to 8.4 percent.

The same people who benefit from unusual opportunities and rapid pay gains could be in a downturn. Ms. Jackson encourages people to keep training.

If this derails them from ever going to college, we worry about their long-term futures. An associate professor at Northeastern University who studies labor economics and youth development called that a loss.

Ms. Modestino said that pursuing training later did not have to be mutually exclusive. Some people are getting jobs at places that give tuition assistance while others are working and studying at the same time.

Ms. Calvo might use the time to figure out what she wants to do with her future in ways that will leave her better off in the long run.

It's possible that the economy is shifting in ways that keep workers in high demand. Employers could be in trouble for years because of the decline in immigration and the aging of baby boomers. For the past two decades, degrees and certificates have been the labor market currency of choice.

ImageLuemettrea Williams, who holds down three jobs in order to pay her tuition and other bills, at her job in a doctor’s office in Nashville in May.
Luemettrea Williams, who holds down three jobs in order to pay her tuition and other bills, at her job in a doctor’s office in Nashville in May.Credit...Laura Thompson for The New York Times
Luemettrea Williams, who holds down three jobs in order to pay her tuition and other bills, at her job in a doctor’s office in Nashville in May.

Anthony Carnevale is the director of Georgetown University's Center on Education and the Workforce. Economic policies coming out of Washington could add to the need for high school educated workers. The infrastructure bill passed last year by President Biden is expected to create jobs in construction and other fields.

When you don't need to go through college, we're about to go through an era. He said that it would be a popular story.

The value of a college education was questioned before the Pandemic. Many people don't finish their degree or certificate program, leaving them without better job prospects and crushing student loan burdens. Higher education alone is not a panacea, as some certificates and qualifications give more labor market benefits than others.

Data and research show that school benefits workers stay in the job over time. People with college degrees have lower unemployment and higher wages. A high school graduate with a bachelor's degree can earn more than a high school graduate with only a high school degree.

The high school job market has been declining for the last 30 years. Degree holders began to increase their earnings advantage after the early 1980s.

Economic resilience is what Williams is banking on. Ms. Williams is a nurse at Nashville State.

She had been working in the doctor's office as a medical assistant for many years, but she didn't have the appropriate credentials.

The doctor asked her what she'd do if he retired, and she realized it was time to go back to school. She is working three jobs to make ends meet as her gas and grocery bills go up. Ms. Williams and her daughter are living with her aunt.

Ms. Williams said that having a stable income was her top priority. My life will change if I don't get through the next two years.